Currency that came into affect within the 11 eurozone countries in January 1999. Coins and notes were introduced into circulation in 2002. The European Central Bank (ECB) regulates the monetary policies of the Economic and Monetary Union. Benefits of the euro include reduced transaction costs, reduced uncertainty and risk due to price transparency and merger activity. The main cost is the cost of converting (price signs, tills, vending machines etc)However, this is only short term and if countries such as the Czech Republic and Slovakia think they can afford it then the UK can.

Jimmy - "Man I sure wish the British public would come to their senses and realise that in the long term the UK should join the euro and stop living in the past. It's just because they're too thick to understand the value of the euro and wouldn't be able to cope with losing their precious pounds"
Billy - "Yea woteva man lets go play computer games"

Coins in the currency are marked on one side with a representation of Europe (or the globe on copper coins) and on the obverse with a national design that varies between countries and often between denominations within a country; all versions are of course legal tender within the Euro zone. 1, 2 and 5 cent coins are of copper plated steel. 10, 20 and 50 cent coins are of an alloy known as Nordic Gold for its colour but in fact are gold free. 1 Euro coins have are two-toned, with a cupronickel centre and a surrounding nickel brass ring, a design reversed on the 2 Euro coin.

Bank notes are standardised across the Euro zone and feature representations of different styles of windows and bridges symbolic of the openness of the unifying European culture, with more modernarchitectural styles represented on higher denomination notes.

The Euro started off within a cent of parity with the US dollar; the exchange rate at the time of writing is approaching one Euro to one US dollar and fifty cents. Various countries in the Far East have expressed a preference for the Euro over the dollar as a unit of international currency.

Not all nations in the Eurozone are equally wealthy or in a position to maintain healthy debt-to-GDP ratios over long periods. The interest rates set by the ECB are often favorable for wealthier eurozone countries but not for poorer ones. While some less-wealthy countries can't survive without a default, other less-wealthy countries muddle along with unhealthy but sort of manageable debt levels. The euro is not necessarily good for these countries, as they can't periodically devalue currency to improve their trade. Then again, their ability to trade without the losses of currency conversion highlights the benefits of a common currency.

My recent hostel stay in Italy cost €830 for three weeks. Good deal for an American? How about $1200. Damn you, Mr. Monopoly Man and your happy colored euro bills!